Trying to Make a Big Profit at The Montgomery
The pictures above don’t do the units justice. The Montgomery, at 500 W. Superior in River North, is more than just the building that houses Japonais and now Brassiere Ruhlmann Steakhouse, a french inspired steakhouse. The old Montgomery Wards headquarters, originally constructed in 1972 by architect Minoru Yamasaki, who designed the World Trade Center, was converted to residential housing in 2005. There are 220 units in the building.
It was originally a very successful conversion, despite its location far west of the Magnificient Mile near the River. The opening of Japonais in the building definitely gave it a cache. Brasserie Ruhlmann Steakhouse opened this week.
The finishes were originally very modern for the type of product on the market at the time and appealed to those who liked the cleaner asthetic. And because of the way the building was originally constructed, there are very few pillars that break up the interior space. Now, it is not unusual to see the modern look (aka 600 N. Fairbanks and 500 N. St. Clair.)
Two years later, some owners and investors are trying to get out of the building. How are they faring? Several units are currently on the market:
Unit #707: 2 bedroom, 2 bath
- Originally sold in June 2005 for $347,000
- Currently listed for $489,000 plus $35,000 for parking
- Assessments of $443 a month
- Hughes Realty has the listing.
Unit #911: 2 bedroom, 2 bath, plus den, 1265 square feet
- Originally sold in June 2005 for $428,000
- Currently listed for $515,000 plus $35,000 for parking
- Just reduced $25,000
- The pictures above are of Unit #911
Unit #1209: 2 bedroom, 2 bath, 1095 square feet
- I can’t find the original sales price. Perhaps still owned by the developer?
- Originally listed in April 2007 for $499,000
- Currently listed for $475,000 plus $35,000 for parking
- Just reduced
- Assessment of $549 a month
- Koenig & Strey has the listing.
Are these units “deals” compared to other similar square foot two bedroom units in other newer buildings? Take Unit #911. With the parking, that is priced under $550,000 for over 1200 square feet. Flippers are trying to get similar prices for one bedroom units of only 845 square feet at 600 N. Fairbanks. For the same price (or possibly even cheaper) you can have a virtual palace at The Montgomery.
Or does the not as great location really make the difference?
Um, Japonais is in the former MW warehouse building, across Chicago Ave, along the river.
Anon is correct. Japonais is in 900 Kingsbury.
There is no such building as 500 St. Clair, I assume you mean 550 St. Clair
It is? ha! I thought it was in 500 W. Superior- NOT- 600 W. Superior.
But you’re right. I have that wrong. Well- at least they now have Brasserie in the building (which IS in 500 W. Superior.) You’ll have to go across the street to get Japonais.
Montgomery is one of the hottest buildings in River North right now. Drop dead gorgeous front entry. 5 Star Restaurant,great location, 24 hour door staff (usually 2) with concierge service. Unit #1209, Unit #1709 both under contract. Only 5 resales in building out of 250 Units. All High Floor Southern Units have JAWDROPPING views that are unobstructed.
Also, Japonais is across street with Big Ten Network, Motel Bar, Kitchen, Barton Gym and Domain.
No offense, Pat. But you’d BETTER have 24 hour door staff in that location. It’s only a half a block from where the Bulls player was held at gunpoint in his $4 million home.
But I agree that the building has sold well and the units were nicely converted. The finishes are very nice in the building and they’ve lured an upscale restaurant for the groundfloor.